PATK vs SPY: Correlation
Measured on weekly returns over the past three years, Patrick Industries, Inc. (PATK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PATK and SPY?
Across a 3-year window, the weekly returns of PATK and SPY correlate at 0.42, moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.42). Stretching to 5 years gives 0.47, with an annualized covariance of 216.5 %².
Within PATK's tracked universe of 16 assets, SPY comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 46.4 percentage points (-25.8% for PATK against +20.6% for SPY). Note the risk asymmetry: PATK runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
PATK vs SPY: side by side
| PATK (Patrick Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.8% | +20.6% |
| 5-year return | +62.2% | +82.4% |
| Volatility (ann.) | 35.5% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -42.9% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 19.9 | – |
| Dividend yield | 2.16% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | PATK | SPY |
|---|---|---|
| 2022 | -23.1% | -18.2% |
| 2023 | +69.6% | +26.2% |
| 2024 | +26.5% | +24.9% |
| 2025 | +32.7% | +17.7% |
| 2026 | -22.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PATK and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PATK and SPY?
As of 2026-08-27, the correlation of weekly returns between PATK and SPY is 0.42 over 3 years, 0.09 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for PATK?
Yes, to a useful degree: a correlation of 0.42 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.42 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: PATK correlations · SPY correlations
